SEC Pushes Back XRP and Dogecoin ETF Decisions as Crypto ETF Backlog Swells Past 70 Filings

Nasdaq and 21Shares Advance Dogecoin ETF Bid Amid Regulatory Bottleneck

The U.S. Securities and Exchange Commission has postponed decisions on two widely watched crypto ETFs—Bitwise’s Dogecoin ETF and Franklin Templeton’s XRP Fund—extending review deadlines to June 15 and June 17, 2025, respectively. The agency cited the need for additional time to assess the filings and the issues they raise. The move underscores mounting regulatory inertia even as pressure builds from a growing number of crypto ETF applications flooding the system.

Hours before the delay was announced, Nasdaq submitted a 19b-4 filing to list the 21Shares Dogecoin ETF, marking the latest attempt to bring a meme coin-based fund to market. This follows an S-1 filing earlier in April and launches the formal review process once published in the Federal Register. 21Shares revealed a partnership with the House of Doge and support from the Dogecoin Foundation to provide the fund with a decentralized, community-based framework. The proposed fund joins a growing pack of Dogecoin ETF applications, including those from Grayscale, Bitwise, and REX Shares.

By late April 2025, the SEC’s crypto ETF docket had swollen to over 70 active proposals. The filings span a wide array of products, from spot ETFs for Solana, Litecoin, and Hedera, to leveraged vehicles like the speculative “2x Melania” ETF. Bloomberg analyst Eric Balchunas described the queue as “wild,” while fellow analyst James Seyffart noted delays were anticipated and would likely continue, with final decision deadlines for most filings stretching into October or beyond.

The regulatory gridlock comes amid shifting leadership and evolving policy signals. On April 21, Paul Atkins, a Trump-era appointee, was confirmed as SEC Chairman after a divided Senate vote. His confirmation replaces Acting Chair Mark Uyeda and is viewed by industry observers as a pivotal moment for the agency’s approach to crypto oversight. Atkins criticized his predecessor’s administration, saying innovation had been “stifled for the last several years due to market and regulatory uncertainty that the SEC has fostered.”

Recent developments build on momentum from two landmark ETF approvals over the past year. Spot Bitcoin ETFs cleared in January 2024 and Spot Ethereum ETFs followed in July 2024 after a key court win by Grayscale. These decisions emboldened issuers to expand ETF proposals beyond blue-chip tokens to more volatile or legally embattled assets such as Dogecoin and XRP.

On the same day as the XRP and Dogecoin ETF delays, the SEC also pushed back decisions on staking functionalities for several crypto products, including the Franklin Ethereum ETF (new deadline: June 16), Grayscale’s Hedera Trust, and staking options for the Franklin Crypto Index ETF. Despite the delays, market reaction was muted. Dogecoin edged up 0.4% to $0.1789 as of April 29, 2025.

According to Bloomberg projections from February, Litecoin ETFs hold a 90% likelihood of approval, while Dogecoin ETFs follow closely at 75%. The latter’s odds reflect both market enthusiasm and institutional traction, bolstered by high-profile listings through Nasdaq and coordinated backing from community organizations. As regulators weigh risks and structure, the clash between industry ambition and federal caution continues to shape the future of crypto-based investment products.

This article has been refined and enhanced by ChatGPT.